DETERMINANTES DE MATURIDADE DE ENDIVIDAMENTO – ANÁLISE CROSSCOUNTRY PARA BRASIL E PORTUGAL
DOI:
https://doi.org/10.24325/issn.2446-5763.v10i30p24-57Keywords:
Estrutura de capital, maturidade do endividamento, Modelo Linear Hierárquico, decomposição da variânciaAbstract
This study investigates the determinants of debt maturity for firms in Brazil and Portugal, two countries with distinct economic, historical, and institutional contexts but strong cultural and commercial ties. Utilizing a hierarchical linear model, the research analyzes data from 2008 to 2017, decomposing influencing factors across three levels: firm, sector, and country. The results indicate that firm-specific characteristics, such as size and liquidity, have the most significant influence on debt maturity, followed by sectoral and macroeconomic variables, such as institutional quality and financial development. The study highlights the impact of macroeconomic, institutional, and sectoral conditions on debt maturity decisions, also addressing the indirect effects of these variables. This comparative analysis provides practical implications for financial managers and policymakers, underscoring the need to tailor debt strategies to different economic contexts.
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